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Iam looking to estimate the cost on a project, but I don't want to spend a lot of time on a detailed analysis. I really want a ballpark figure. What options do I have?

A) None - Cost estimating requires details to be accurate

B) Use the cost of similar projects

C) Use a rule-of-thumb or per-square-foot estimate

D) Add up the costs on the WBS

Answer: B) Use the cost of similar projects

Explanation:

Although it is less accurate than adding up individual costs from the WBS, it is less time consuming. The trade-off is accuracy. Answer A is incorrect because to do a more accurate cost estimate, you need to delve into details. Answer C is tempting also, and possible, except we don't really know if the project in question can use perametric modeling . Answer D is incorrect because it takes the most time, but it is most accurate.

Decomposing tasks into smaller activities can be helpful in reducing the amount of stress associated with overwhelmingly large milestones. What is a feature of the hierarchical nature of the WBS?

A) A WBS hierarchy prevents duplication

B) A WBS cab be rolled up or collapsed to provide information at the appropriate level for a particular audience.

C) The decomposition of tasks provides a detailed planning tool

D) The depth of a WBS is restricted to three levels, which avoids overplanning

A) A WBS hierarchy prevents duplication

B) A WBS cab be rolled up or collapsed to provide information at the appropriate level for a particular audience.

C) The decomposition of tasks provides a detailed planning tool

D) The depth of a WBS is restricted to three levels, which avoids overplanning

Answer & ExplanationAnswer: B) A WBS cab be rolled up or collapsed to provide information at the appropriate level for a particular audience.

Explanation:

Answer A is incorrect because the WBS hierarchy does not prevent duplication by itself. Answer C is incorrect because a WBS is focused on deliverables and components or work packages and not on tasks. Answer D is incorrect because a WBS can be sized appropriately to the project size with as many levels as necessary.

Why are CPM, GERT, and PERT not considered sufficient to create a project schedule?

A) All three are tools and techniques of schedule development, not the actual schedule

B) As mathemetical analysis tools, they simply provide the dates that are posible, and do not consider resource pool limitations

C) They are sufficient. Each calculates early and late start and finish dates for each activity

D) They are Monte Carlo techniques used to provide what-if analysis for adverse external factors on a project

A) All three are tools and techniques of schedule development, not the actual schedule

B) As mathemetical analysis tools, they simply provide the dates that are posible, and do not consider resource pool limitations

C) They are sufficient. Each calculates early and late start and finish dates for each activity

D) They are Monte Carlo techniques used to provide what-if analysis for adverse external factors on a project

Answer & ExplanationAnswer: B) As mathemetical analysis tools, they simply provide the dates that are posible, and do not consider resource pool limitations

Explanation:

Answer A is tempting because it is true by definition, but Answer B is correct because it properly answers the question, in that these techniques do not take into account resource pool constraints. Answer C is incorrect because it provides possible early and late start and finish dates, but not the actual schedules. Answer D is incorrect because none of the the three are simulation techniques.

Why are risk tolerances and thresholds important to identify in the risk management Plan?

A) Tolerances and thresholds, when documented, can help to define the target by which the project team can measure the effectiveness of the risk response plan execution

B) Tolerances and thresholds help to define how often the risk management process will be performed

C) Tolerances and thresholds determine what tools and data sources will be used in risk management

D) Tolerances and thresholds provide the basis for costing the risk management process as well as defining how risk activities will be recorded

A) Tolerances and thresholds, when documented, can help to define the target by which the project team can measure the effectiveness of the risk response plan execution

B) Tolerances and thresholds help to define how often the risk management process will be performed

C) Tolerances and thresholds determine what tools and data sources will be used in risk management

D) Tolerances and thresholds provide the basis for costing the risk management process as well as defining how risk activities will be recorded

Answer & ExplanationAnswer: A) Tolerances and thresholds, when documented, can help to define the target by which the project team can measure the effectiveness of the risk response plan execution

Explanation:

Answer B defines the timing that should be addressed in the risk management plan. Answer C defines the methodology that should be identified in a risk management plan. Answer D touches on the budgeting and tracking that should be defined in the risk management plan.